Our plans for a scalable blockchain domain infrastructureFeb 22, 2021
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With Uniswap volumes passing $100 billion and Ethereum prices flirting with $2,000, it’s fair to say that we’re in a web3 bull run.
As much as we love to see the increased interest and adoption of the decentralized web, that adoption comes with a cost.
Today, the average price of an Ethereum transaction is more than ten times what it was a few months ago. That means that any Ethereum-based product, Unstoppable Domains included, is experiencing a historically high cost of doing business.
While this increase is unpleasant, it’s not unexpected. This is a result of the unprecedented demand for smart contract applications. Our industry is growing up, and the tech platforms we use need to catch up with that growth. That’s why for the past few months we’ve been hard at work on a solution.
We’re building the world’s first scalable layer 2 solution for blockchain domains.
This new infrastructure will allow us to issue and make updates to domains at a pace (and price!) multiple orders of magnitude better than what we can do today. Improved domain issuing and updating unlocks the true potential of the decentralized web.
We’re targeting August 2021 as the launch date of the updated domain system.
What happens before the layer 2 is ready?
Unstoppable is implementing a claim fee for each domain as an optional add on at checkout. You can pay for this fee in the manage section of the website if you decide to claim a domain later. This fee will start at $40, but will be dynamic to respond to gas prices in either direction. Until our layer 2 is launched, we will no longer be paying transaction fees for claiming domains. Users can either wait to claim/update for free when the layer 2 is ready, or claim/update now by paying the claim fee. To be clear, Unstoppable does not make money on this claim fee, it exists to offset the claim costs, and the current gas cost of minting a domain ($40) is set to be the same as the claim fee ($40).More info here.
What about domains already in the process of claiming?
If you’ve already started a claim you will not need to pay a fee for claiming that domain.
We’re hard at work and we appreciate your support as we build a new internet together.
-The Unstoppable Team